Article Contributed by Ray Haiber
Having a tough time finding a job? Unfortunately that’s not surprising news due to the fact that this current recession has already to near double digit unemployment rates in some regions. Many of the hardest hit industries such as financial services and home construction face the prospect of an extended or permanent contraction that will force many workers to seek new careers as positions in those industries become eliminated or harder to replace.
One viable alternative that has always been available to workers who either want to leave the restrictions of the corporate world, or can‘t find a job in their industry because of tough economic times is to “buy a job”. How do you do that? By either finding and purchasing an existing small business, or starting a franchise.
Buy An Existing Business:
Business Brokerage Industry statistics indicate that your odds of success increase dramatically when you buy an established business as compared to launching a start up. This is particularly true in challenging economic times, and if the target business has been established for over 5 years and has a proven track record that can be validated via a thorough due diligence process.
What Type of Business?
Your basic goals should be to find a business that you will enjoy working in and growing, compliments some of your existing skill sets, and will also provide enough net income for you to make a comfortable living. Ideally the business should also generate enough income to allow you to cover any debt service you may have incurred if you financed a portion of the purchase price.
How To Find a Business: What’s the best way to find existing businesses for sale? The most efficient way to begin your search is via the Internet. There are quite a few online “Business For Sale” directories like bizbuysell.com that offer a large searchable database of existing small businesses broken down by categories like states and industries. When you see a business that strikes your interest you can then contact the owner or the Business Broker who represents the listing for more information. In most case you will be required to sign a confidentiality agreement and provide some basic financial qualifications before receiving a detailed business summary.
Another way to find an established business is to employ the services of a professional business broker in your local area. Many Business Brokers have access to listings that might not normally appear on a local MLS system, are kept in house, or have knowledge about new listings coming available soon that may fit your investment parameters. A good Broker can also show and help you indentify potential business matches that you may have not even considered. And in most cases Business Brokers working with buyers are paid on a commission basis with the fee paid by the Seller so you have no out of packet expenses. You can find a Business Broker in your local area by visiting: http://www.findabusinessbroker.com
Buy A Franchise
Another viable option to replace a lost job is to start a franchise business. The biggest advantage of buying a franchise opportunity is that it’s a lot less risky than starting a new business from scratch. Most established franchise concepts are proven business models that have a verifiable track record of success that generally can be easily validated during your investigation of the offering. Franchisers can also provide comprehensive training and support before and after you open your location. And keep in mind that one of the main reasons for the success of franchising as a business model is that Franchisers have a vested economic interest in your success in the form of royalty and other fees.
Find A Franchise
As with existing small businesses, the fastest and most convenient way to begin the process of finding a franchise is with an Internet connection. There are now dozens of franchise directories on line today that offer comprehensive listings of franchises available for sale, including information about investment levels, training, availability, and how to contact the franchise company for more details. These directories are also a good source for free information about the general process of buying a franchise business. You may want to visit A couple different directories such as franchiseopportunites.com, franchiseforsale.com, and azfranchises.com because not all of then will carry the same franchise opportunity listings.
Final Note: Always thoroughly investigate any franchise or business opportunity, obtain all appropriate disclosure documents available, and seek expert consultation prior to making any investment decisions.
Based on my research I believe that the home based business market is set to explode. This recession is teaching people that they can not depend on corporations any more for security. Most of my businesses are set up so I can get residual income. I also work hard at setting up multiple streams of income. I recommend to all of my clients and friends to do the same.
Posted by: J. Michael Warner at February 22, 2009 8:16 PM
This is great information. One other factor you should consider is whether the business can thrive in today's economic environment. Look very closely at the source of revenue. The caveat that past performance is no guarantee of future performance has never been more relevant than it is today. You can succeed at this just be smart and do your due diligence.
Posted by: Reginald Reglus at March 3, 2009 8:13 PM
Great article, I couldn't agree more, especially with the current state of the economy. You might also try our business directory, http://BizAg.com which lists over 100,000 businesses for sale.
Posted by: BizAg at March 5, 2009 10:13 AM
great article, but I think, that before buying, uve got to find out if u are brainbusiness person, if not- u wont run it
Posted by: loan at June 10, 2009 2:55 PM
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